In the latest episode of No Free Lunch, I chatted with Fintech entrepreneur and founder of the investment app Frank, Thomas Brennan. Thomas shared his journey from an engineering background to becoming the CEO of Franc, an investment app aimed at broadening wealth-building in South Africa.
He discusses his career path, including his time at Discovery Health and his academic pursuits at Oxford University. Thomas emphasizes the barriers many face in accessing financial services, such as high minimum investment requirements and lack of financial literacy.
He speaks of the purpose of Franc, which aims to address these issues by making investing as simple as sending a text message, offering a mobile application that provides 24/7 access to financial decision-making tools. Thomas highlights the importance of starting small and building a habit of saving and investing, advocating for a straightforward approach to wealth-building.
We discuss the challenges posed by gambling and debt in South Africa, promoting Franc’s use of gamification to rather encourage people to save where they have a guaranteed return. The conversation touches on the need for financial education and the role of Franc as a digital wealth advisor, offering automated advice and simple investment options.
Thomas concludes by discussing Franc’s growth and the importance of building trust and brand awareness in the financial sector.
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Key quotes from Thomas Brennan:
- “For far too long, people have been largely excluded from the world of building wealth.”
- “You can do a lot by taking a simple approach. Don’t try to beat the market, own the market.”
- “Gambling is an addictive practice, and we’re trying to encourage people to do something more constructive with their money.”
- “The starting point is clearing your debt, getting started, and building up some buffer.”
- “We are South Africa’s only digital wealth advisor, providing automated advice through the app.”
- “We want you to control your money. You are the custodian, the owner of the decisions in terms of where your money grows.”
